pubdate: companies: pursuit of profit · real estate assets of ranbaxy’s singh brothers and...
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Mumbai: Global private equity majorBlackstone Group is in advanced talkswith Ranbaxy’s Singh brothers and Dhil-lon family to acquire their real estateportfolio spread over 1million sq ft officeproperties for over .̀ 1,000 crore, said twopersons familiar with the development.
The portfolio includes total six commer-cial buildings across four key cities, in-cluding Mumbai, Delhi, Noida and Ah-medabad. Singh brothers are also develo-ping a large 1 million sq ft office complexin Gurgaon, but this project may not bepart of the proposed transaction.
“The deal is likely to be concluded in fewweeks from now as the due diligence,which is in advanced stage, is expected toclose any time soon. Given their recent li-quidity issues, the proposed deal is ex-pected to provide much-needed relief tothe Singh brothers,” said one of the per-sons mentioned above.
Blackstone is acquiring these assets onits own and not through any of its exis-ting joint investment platforms with In-
dian real estate developers. The NewYork-headquartered private equity firmis negotiating the deal directly withSingh brothers and Dhillon family.
Out of these assets, the commercial pro-perty spread over 2.50 lakh sq ft at Saket
in New Delhi is expected to fetch maxi-mum valuation given the size, locationand marquee tenants. Law firm CyrilAmarchand Mangaldas, IIFL Wealth andretailer H&M are some of the occupiersin this prime property.
A total of 3 office buildings in Noida arespread over around 4.5 lakh sq ft, and are70% fully leased. Commercial propertyspread over nearly 1lakh sq ft in Mumba-i’s Vile Parle suburb is also fully occupi-ed, while the property in Ahmedabad isrelatively smaller in size.
Blackstone declined to comment on thestory, while an email sent to RHC Holding,owned by Malvinder Mohan Singh andShivinder Mohan Singh, remained unans-wered till the time of going to press.
Over the past few years, Blackstone hasemerged as the most aggressive institu-tional investor in India’s real estate sec-tor, picking up properties across majorcities in deals that are turning out to bebenchmarks in the sector. The firm ownsIndia’s biggest portfolio of income-pro-ducing office assets, totaling over 110 mil-lion sq ft across key property markets ofMumbai, Noida, Pune and Bengaluru.
Blackstone in Talks with Singh Brothers,Dhillon Family to Acquire Realty Assets
Picking Up PropertiesBlackstone is likely to acquire the real estate assets of Ranbaxy’s Singh brothers and Dhillon family for over `1,000 crore
Blackstone is acquiring these assets on its own and not through any of its existing joint investment platforms with Indian real estate developers
Real estate portfolio is spread over 1 million sq ft offi ce properties — 6 commercial buildings across Mumbai, Delhi, Noida and Ahmedabad
The New York-headquartered PE fi rm is negotiating the deal directly with Singh brothers and Dhillon family
13�WWW.ECONOMICTIMES.COM
Companies: Pursuit of Profit
New Delhi: You will now not be chargedat higher tax rate for your hotel stay withthe Goods and Services Tax Council fi-nally accepting ‘transaction value’ fordetermination of leviable tax rate.
Hotel industry had lobbied hard forthis change since the GST roll out in Julylast year.
Use of ‘declared tariff ’ for determina-tion of tax rate meant that customers had
to cough up tax at higher rate even if roomtariff charged fell in lower slab. There arethree slabs for hotels — 12, 18 and 28%.
The centre and the states have notifiedthe change replacing ‘declared tariff ’with ‘value of supply’ which is equiva-lent to transaction value.
However, experts are flummoxed at thechange being restricted to room tariffsand not extended to restaurants insidehotels.
Hotels face three rate slabs — first oneis for .̀ 1,000 and .̀ 2,500 per day room tariff
at 12% with input tax credit; second is forthose having per day room tariff above.̀ 2,500 but less than .̀ 7,500 at 18% with in-put tax credit; third is for five stars andthose with room tariffs above .̀ 7,700 at28% with input tax credit.
Under the previous regime one had to payGST at the rate of 28% if the declared tariffof the room was more than .̀ 7,500 even if hehad paid less as usually final room tariffsare lower on account of discounts.
The latest change has corrected this si-tuation.
GST Council Accepts ‘Transaction Value’ to Tax Hotel Tariff
CCI NG 3.7 Product: ETDelhiBS PubDate: 31-07-2018 Zone: DelhiCapital Edition: 1 Page: ETDCCFM User: raj.kumar8 Time: 07-30-2018 23:07 Color: CMYK
ShreeCement
UNAUDITED STATEMENT OF STANDALONE QUARTER ON 30" JUNE, 2018Z in Crores
S.N. PARTICULARS Quarter ended PrewousYear ended
X06.2018 I 31.03.2018(Unaudited) (Audited) (Unaudited) (Audited)
Revenue from Operations (Refer Note 2) 3069.91 2811.08 2903 .36 10159.53II Other Income 93.63 104.85 97.39 389.05III Total Income 3163.54 2915.93 3000 .75 10548.58IV Expenses
(a) Cost of Materials Consumed 249.33 207.00 212.20 769.06(b) Changes in Inventories of Finished Goods and Work-in- Progress (8.50) 22.48 13.69 1.29(c) Employee Benefits Expense 170.74 148.86 147.19 588.05(d) Finance Costs 56.19 43.68 32.90 135.27(e) Depreciation and Amortization Expense 305.53 232.99 231.15 899.40(f ) Excise Duty on Sales - - 326.43 326.43(g) Power and Fuel 708.31 605 .08 457.31 1979.65(h) Freight and Forwarding Expenses 851.94 767 .68 628.81 2524.89(i) Other Expenses 522.88 430.55 404 .47 1497 .38
Total Expenses 2856.42 2458.32 2454 .15 8721.42V Profit Before Tax (III - IV ) 307.12 457.61 546.60 1827.16VI Tax Expense
(a) Current Tax 55.80 67.99 114.46 446.27(b) Deferred Tax (25.75) (9.65) (7.97) (3.59)(c) Tax Expense relating to earlier years (Net) (2.41) 0.03 - 0.30
Total (a to c) 27.64 58.37 106 .49 442.98V11 Profit for the Period (V-VI) 279 .48 399 .24 440.11 1384.18VIII Other Comprehensive Income
a(i) Items that will not be Reclassified to Profit or Loss 3.27 3.27a(ii) Income Tax relating to items that will not be Reclassified
to Profit or Loss (1.13) (1.13)b(i) Items that will be Reclassified to Profit or Loss 19.22 (1.17) (7.02) (4.92)b(ii) Income Tax relating to items that will be Reclassified to Profit or Loss (6.72) 0.47 2.43 1.77
12.50 1.44 (4.59 ) (1.01)IX Total Comprehensive Income for the Period (VII+VIII) 291.98 400.68 435 .52 1383.17X Paid-up Equity Share Capital (Face value Z 10 per share) 34.84 34.84 34.84 34.84XI Other Equity 8861.99XII Earnings Per Share (EPS) (of T 10 each) - Not Annualized
Cash (in T) 160 .54 178.71 190 .40 654.47Basic and Diluted (in 7) 80 .22 114.60 126 .33 397 .33
REPORTING OF SEGMENT INFORMATION' in Crores
S.N. PARTICULARS Quarter ended PrirAoutYearended
30.06.2018 I 31.032MB(Unaudited) (Audited) dhed) (Audited)
I Segment Revenue(a) Cement 2869 .45 2678 .90 2807 .61 9726.52(b) Power 510.47 411.38 355.67 1450.07Total 3379 .92 3090.28 3163.28 11176.59Less: Inter Segment Revenue 310.01 279.20 259.92 1017.06Revenue from O perations 3069 .91 2811 .08 2903.36 10159.53
11 Segment Results (Profit before Finance Cost and Taxes)(a) Cement 60.02 240.13 313.22 959.00(b) Power 210.77 195.96 172.34 672.54Total 270.79 436.09 485.56 1631.54Less:(a) Finance Costs 56.19 43.68 32.90 135.27(b) Other Unallocable (Income ) (92.52 ) (65.20 ) (93.94 ) (330.89 )Profit Before Tax 307 .12 457 .61 546 .60 1827.16
III Segment Assets(a) Cement 8379.59 7899.83 6132.47 7899.83(b) Power 936.37 785.31 525.90 785.31(c) Unallocated [Includes Investments of Z 4950.17 crore as of
30" June , 2018 4177.55 crore as of 30" June , 2017 ) 6025 .93 6456.69 5108.07 6456.69Total Segment Assets 15341 .89 15141 .83 11766 .44 151 41.83
IV Segment Liabilities(a) Cement 1892.34 2005.15 1751.45 2005.15(b) Power 139.53 263.63 130.43 263.63(c) Unallocated 4121.30 3976.22 1750.95 3976.22Total Segment Liabilities 6153.17 6245 .00 3632 .83 6245.00
The figures of Cement Segment includes those of Autoclaved Aerated Concrete (AAC) Block business being a Cementitious Product.
Notes:1 The above results were taken on record at the meeting of the Board of Directors of the Company held on 30" July, 2018. The results have been reviewed by
the Statutory Auditors.2 Sales for the quarter ended 30" June, 2018 and 31 " March, 2018 are net of Goods and Services Tax (GST), however sales till the period ended 30" June ,
2017 are gross of Excise Duty. The Net Revenue from Operations (Net of GST/ Excise Duty, as applicable) is stated below:? in Crores
Segment Ouarter ended Prewous30.06.2018 I I 0,
I
Net Revenue from Operations (Net of GST / Excise Duty) 3069.91 2811.08 2576.93 9833. 10 13 During the Quarter, Company has commissioned 3.0 MTPA Cement Mill at Kodla in Gulbarga District of Karnataka.4 During the quarter, Company has completed the acquisition of 100% Equity Shares in the Raipur Handling and Infrastructure Pvt. Ltd. (RHIPL) a Company
engaged in operating Railway Siding at Hathband, near Balodabazar in Chhattisgarh . As a result, RHIPL has become a wholly owned subsidiary of theCompany.
5 On 11" July 2018, Company has completed the acquisition of majority stake (97 .61 %) in Union Cement Company (UCC) Pr JSC , a Private Joint StockCompany based in Ras Al Khaimah, in United Arab Emirates (UAE). The acquisition was made through Wholly Owned Step-down Subsidiary Company viz.Shree International Holding Limited, incorporated in UAE.
6 Previous period figures have been regrouped wherever necessary. By order of the BoardFor SHREE CEMENT LIMITED
Place: Beawar B.G. BangurDate: 30" July, 2018 ChairmanFor details e-mail at : jajoos@shreecement ltd.com DIN: 00244196
Regd. Office: Shree Cement Ltd., Bangur Nagar, Beawar - 305 901, District - Ajmer, Rajasthan I Phone: EPABX (91) 1462-228101-06Fax: (91) 1462-228117 / 228119 1 E-mail: shreebwr@shreecementftd .com I CIN: L26943RJ1979PL0001935
Tech Mahindra LimitedExtract of Audited Consolidated Financial Results ofTech Mahindra Limited and its subsidiaries for the Techquarter ended June 30, 2018.
mahindraRegistered Office : Gateway Building, Apollo Bunder, Mumbai 400 001.
Website : www.techmahindra.com. Email : [email protected]_CIN:L6420OMH1986PLCO41370
Revenue for the quarter at Rs. $2,763 Mn, up 12.8% over previous year
Rs. In Lakhs
Sr.No Part iculars Quarter ended Year ended Quarter endedJune 30 , 2018 March 31 , 2018 JUNE 30, 2017
1 Total Revenue from Operations (Net) 827628 3077293 7336102 Net Profit before tax 114520 487883 1061593 Net Profit for the period after tax 89787 379982 79860
(Share of the Owners of the Company)
4 Total Comprehensive Income for the period 88236 356721 73236(comprising Profit for the period after tax andOther Comprehensive Income after tax)
5 Equity Share Capital 44198 44170 439486 Total Reserves 1932612 1840114 16750757 Earnings Per Equity Share (Rs)
- Basic 10.12 43,02 9, 10- Diluted 10.07 42.66 8.98
Notes :
1 The quarterly results have been reviewed by the Audit Committee and taken on record by the Board of Directors inits meeting held on July 30, 2018.
2 Effective April 1, 2018, the Company has adopted Ind AS 115 using the cumulative effect method. The standard isapplied retrospectively to contracts that are not completed as at the date of initial application and the comparativeinformation is not restated. The effect of adoption of the standard does not have any significant impact on thefinancial statements of the Company.
Additional information on standalone financial results is as follows: Rs. In Lakhs
Particulars Quarter ended Year ended Quarter endedJune 30 , 2018 March 31, 2018 June 30, 2017
Revenue from Operations 628685 2366470 575483Profit before tax 111082 490454 100751
Profit after tax 91622 399724 79621
5 The above is an extract of the detailed format of the Standalone and Consolidated Financial Results for the quarterended June 30, 2018 , filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations, 2015. The full format of the Standalone and Consolidated Financial Resultsfor the quarter ended June 30, 2018 are available on the Stock Exchange websites,(www.nseindia.com/www .bseindia.com) and the Company 's website (www.techmahindra.com).
6 The Auditors have issued an unqualified opinion on the Standalone and Consolidated results and have invitedattention to certain matters (Emphasis of Matters). The Emphasis of Matters are on account of the financialirregularities committed by the promoters of erstwhile Satyam Computer Services Limited (SCSL) before it wasacquired by the Company and certain other related matters. SCSL was amalgamated with the Company in June2013. The Emphasis of Matters and the Management Response on the same are available as part of the detailedRegulation 33 formats posted on the Stock Exchange websites (www.nseindia .com/www.bseindia.com) and theCompany 's website (www.techmahindra.com).
Date : July 30, 2018 C. P. Gurnani
Place : Mumbai Managing Director & CEO
asianpaints
Asian Paints thanks the Government of India for reducing theGST rate on Paints , Varnishes and Putties from 28% to 18%effective 27th July, 2018.
As a responsible and caring brand we are happy to pass thebenefit of this reduction of GST rates to our customers andhave reduced our Maximum Retail Price on Paints, Varnishesand Putties effective 27th July, 2018.
The reduced Maximum Retail Price has been communicated toall our retailers across the country and is also available on ourwebsite www.asianpaints.com
As India' s largest paint company, we are a lways committed tocreating beautiful homes for our customers and bringing joy totheir lives. This move will go a long way in providing accessibledecor to our customers.
ROT '; ̀
asianpaints
o Har Ghar Kuch Kehta Haiwww.asianpaints.com
